The Swiss gold refining sector may be the first casualty of the United States’ decision to impose a hefty 39% tariff on Swiss imports, as certain gold bars are now subject to the levy.
According to a report from AFP in Zurich on Friday (8 August), U.S. Customs authorities have clarified that one-kilogram and 100-ounce (2.8 kg) gold bars fall under the so-called “reciprocal” tariffs. Even so, gold prices on U.S. futures markets have surged to record highs. This clarification, issued on 31 July, was first reported by the Financial Times last Thursday.
Switzerland is the main supplier of the most actively traded bullion — one-kilogram gold bars — to COMEX, the world’s largest futures exchange. Swiss officials had hoped these bars would be classified under a different tariff code, exempting them from former president Donald Trump’s sweeping reciprocal duties, which took effect Thursday.
Last week, Swiss delegates travelled to Washington seeking a deal similar to the EU’s arrangement, but returned empty-handed. Their exports now face a 15% tariff as well, further pressuring Bern, since gold trading significantly influences the nation’s trade balance.
John Plassard, head of investment strategy at Mirabaud, said Switzerland’s expectation that gold would be spared was “naïve.” Even the strong reputation of Swiss refineries might not be enough to absorb a 39% tariff shock. Some refiners may relocate operations to hubs like Antwerp, Belgium, where gold bars incur only the EU’s 15% tariff when entering the U.S.
A Refining Powerhouse
Switzerland hosts four of the world’s largest gold refineries, including Valcambi in Balerna, the biggest, located in the Italian-speaking canton of Ticino. The country imports unrefined gold from mines, recycled jewellery, and low-purity bars, transforming it into high-grade bullion — a process that has made Switzerland the global hub of gold trade. These bars are later used for jewellery, watchmaking, industry, technology, and as reserves in banks and central banks.
According to the Swiss Federal Customs Administration, Switzerland imported 2,372 tonnes of gold and re-exported 1,564 tonnes in 2023, worth close to 88 billion Swiss francs (around USD 109 billion). The top buyers were China (CHF 25.1 billion) and India (CHF 13.1 billion). The Swiss Association of Manufacturers and Traders of Precious Metals says the sector, including silver and palladium, employs about 1,500 people directly and 1,000 indirectly. SECO estimates that Switzerland accounted for 34% of global refined gold output in 2023.
Exports to the U.S. Soared
Swiss gold exports to the U.S. almost doubled in 2024, reaching CHF 11 billion, up from CHF 6.1 billion the previous year. Customs data cited by AFP show they skyrocketed to CHF 39.2 billion in the first half of 2025, compared with about CHF 1.7 billion in the same period of 2024. In Q1 2025 alone, exports totalled CHF 37.6 billion, before plunging to around CHF 1.6 billion in Q2.
On Thursday, Swiss President Karin Keller-Sutter sharply disagreed with Trump’s assessment linking high tariffs to Switzerland’s trade surplus with the U.S., arguing that the gap widened in 2024 due to increased gold exports.
Swiss newspaper Le Temps reported Tuesday that the White House appeared to base its tariff decision solely on 2024 data — an “atypical” year triggered by Trump’s election victory in November, which spurred safe-haven gold buying in the U.S., boosting Swiss exports.
Source: AFP.